In this type of depressed market, a water view will make a slight difference in the market value, depending on the type of water view. Do you have to lean out of the bathroom window to see the water? Is it a water view in the winter only, when the leaves are off of the trees? Is it a view you can enjoy while having coffee in the kitchen, AND the diningroom, AND the livingroom, etc?
In a GOOD market, a complete ocean view without much chance of being lost by future construction, etc., will add a 20% to 30% increase in market value.
In a BAD market, it may only make the property MUCH more competitive.
It's hard for an appraiser to use comps from Swampscott and Marblehead for a Lynn property. In a GOOD market with little inventory available, they might be able to persuade a lender to use a comp close by in Swampscott or Nahant. It's not going to happen in this market. Even if nothing has closed in the past six months with a good view, the appraiser will use Diamond District comps and add onto the value to compensate for the view.
When I bought my house on the water on Sluice Pond, none of the comps were ON the water. The appraisers know how to adjust for the view.
Lynn is not swampscott or marblehead. When you are buying a property. The town is a big factor. What is lynn's infrastructure compared to Swampscott and marblehead. How are the schools in comparison.
So if it's a 1 bedroom condo, I'd rather start looking at recently sold 2 beds before I started looking at similar properties in different towns. Or broaden my search for comps to 9 months instead of 6... It's not ideal to do... but it's better than looking at other towns...
Remember there's three important factors about a property.... LOCATION LOCATION LOCATION!!!!